Source: HMRC New customs and tax rules for trading with the EU started on 1 January 2021. To continue trading with countries in the EU, there are actions your client must take, to make sure they’re compliant and minimise costs and delays. Before they attempt to move their goods, they’ll need to: 1. Get ready
The delay of the next self-employed income support grant was revealed to Martin Lewis of MoneySavingExpert.com. Self-employed traders who desperately need support will be left hanging, unable to plan or pay their bills as Chancellor Rishi Sunak will delay payment of the next self-employed income support (SEISS) grant until after 3 March. Lewis tweeted on Friday
Self-Assessment customers will not receive a penalty for their late online tax return if they file by 28 February, HM Revenue and Customs has announced today. HMRC is encouraging anyone who has not yet filed their tax return to do so by 31 January if possible. But anyone who cannot file their return by the
Some taxpayers and advisers using the online service to defer tax due on 31 January 2021 are getting rejected. Rebecca Cave investigates what’s going wrong and how to work around any problems. Source – Accounting Web HMRC’s time to pay deferral process is in big demand this winter. Many taxpayers are facing a log-jam of tax
Ahead of the spring budget the ICAEW has called for the government to ‘focus on delivering existing plans and Covid support packages’ Chancellor Rishi Sunak is reportedly looking to raise corporation tax in the upcoming March budget to pay off the estimated £400bn borrowed by the UK throughout the pandemic. According to The Financial Times, the alleged move has sparked
Source: Message from Rt Hon Kwasi Kwarteng MP I am delighted to have been appointed Business Secretary. The last year has been extremely challenging for millions of businesses. There is, however, cause for optimism with both the roll-out of vaccines and a trade agreement with the European Union now secured. Although the transition period has
https://pages.croneri.co.uk/WEB-2021-01-19-CRiTAX00014_1.Registration The post-Brexit transition period has finally ended. But for many British business leaders, the new EU trading rules are still unclear… For example, how should you report the movement of goods? When do you need to pay import VAT and customs duty? And do Northern Irish companies face different rules to the rest of the UK?
You must make your claim on or before 29 January 2021. To make a claim for the third grant your business must have been impacted by coronavirus on or after 1 November 2020. You can make a claim for the third grant if you’re eligible, even if you did not make a claim for the
We can blame WFH for the state of our email but this is clearly not a new problem. It’s estimated that we spend between a third and half of our week on email, so if you can get any of that time back it would make a big difference to your work. 2021 has barely
Source – Accountancy Today Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000, the chancellor has announced. The news comes after the prime minister’s announcement that businesses will be closed until at least February half-term in order to help control the spread of Covid-19. Alongside the grant
The tax return filing deadline for 2019/20 returns remains at 31 January 2021, and penalties for late returns will be issued automatically as usual. However, HMRC will allow taxpayers and tax agents up to 90 days to appeal against those late filing penalties, instead of the standard 30 days. This is thin gruel as the tax tribunals
Message from Rt Hon Alok Sharma MP Secretary of State for Business, Energy & Industrial Strategy I am delighted that we have agreed a deal with the European Union and I am confident that the United Kingdom will thrive outside the EU and cement its position as the best place in the world to start,
There are only two weeks left to get your business ready for new trading rules with Europe, which apply from 1 January 2021. You will no doubt be aware that negotiations on a trade deal are continuing after the UK and EU agreed to go the extra mile to reach an agreement. But regardless of
The furlough scheme will last for another month and hard-pressed businesses will also be able to access state-backed loans until March, the Treasury has announced. Source – © Provided by The Independent The Coronavirus Jobs Retention Scheme, under which the state picks up 80 per cent of the furloughed worker’s wages, had been due to end at
Please remember if you deferred your July payment on account, this will be added to your 31st January payment. If you are in a situation where you are unable to pay your tax bill, please contact HMRC to set up a payment plan. If you have a payment on account due for next year – it
Source – Accounting web HMRC penalties for taxpayers’ compliance failings are on the rise once more, following a sharp drop at the start of lockdown. The firm says HMRC collected £34m in September, an increase of 62% from a low of £21m collected in May HMRC suspended tax investigations at the start of the pandemic
Message from the Business Secretary With just three weeks to go until the end of the transition period on 31 December, there is still time to prepare. You can find out what actions you may need to take by using the checker tool at gov.uk/transition and keep up to date with regular business readiness bulletins
Source – Tax Calc Troubled by the prospect of Brexit and how it will impact your business? Watch leading customs expert, Sandra Strong, explain how you can meet the new regulations on importing and exporting goods from 2021 Watch complimentary video here:
There is now less than one month to go until the end of the transition period. It is vital that you act now to avoid disruptions to business operations and to help you make the most of the opportunities that 2021 will bring. Over the last 7 weeks, I have written to you about some
The SEISS claims portal reopens on Monday 30 November, but taxpayers must declare their trade has been impacted by reduced demand before they claim the third grant. 27th Nov 2020 Source – accounting web When claiming the first two self-employed income support (SEISS) grants taxpayers had to confirm that their trade had been adversely affected by the
Source – Accounting Webb 2020 is a year when an employer’s ability to say thank you to their employees has never been more important. But the Covid-19 lockdown restrictions have put a stop to the annual office party and have forced employers to think of alternative ways to wish employees a happy Christmas and to
Updated on 5 November 2020 The coronavirus (COVID-19) outbreak is having far-reaching financial impacts on individuals and businesses across the UK, and indeed across the world. The government is providing support for the self-employed in the UK under the Self-Employment Income Support Scheme. What is the Self-Employment Income Support Scheme (SEISS) and can I use it?
A Scottish contractor, who lodged in Swindon to be available for work in the south of England, had his travel and accommodation expenses disallowed as not wholly and exclusively incurred for his business. 23rd Nov 2020 Taylor claimed the expenses between his home in Melrose, Scotland and a hotel in Swindon in his 2016/17 tax return.
Source – HMRC As part of the Winter Economy Plan, the Government announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period. Instead of paying the full amount by the end of March 2021, businesses can make
Source HMRC From April 2023, unincorporated businesses and landlords who submit ITSA returns and have annual gross income from business or property sources of £10,000 or more will need to follow the rules for MTD. The process and timelines will remain very similar, but there are some differences that you need to be aware so